New Delhi: JSW Neo Energy Ltd, a subsidiary of JSW Energy Ltd, signed power purchase agreements (PPA) for 1,025 MW renewable power with Solar Energy Corp. of India Ltd (SECI) and 300 MW with Gujarat Urja Vikas Nigam Ltd (GUVNL).
The JSW Group company has tied up for 1,025 MW with SECI and for 300 MW with GUVNL, taking the total locked-in capacity of the company to 13.6 GW, said a company statement.
“We are happy to have signed the power purchase agreements with SECI and GUVNL for cumulative renewable energy capacity of 1.3 GW. This includes 1 GW Wind PPA with SECI, which is India’s largest wind PPA by a single bidder in a single bid,” Sharad Mahendra, joint managing director and CEO of JSW Energy, said.
Mahendra said that the PPAs, would help the company reach its target of generating 20 GW of power by 2030.
The wind PPA of 1,025 MW is the largest single tranche PPA signed by SECI, according to the statement. It features a blended tariff of ₹3.62/KWh (kilowatt hour) for 25 years and is expected to be commissioned within 24 months in Gujarat by JSW Renew Energy Eight Ltd and in Karnataka by JSW Renew Energy Four Ltd. Currently the total locked-in wind capacity of the company is 4.8 GW.
Energy pipeline
With this 1.3 GW deal, JSW Energy’s renewable energy pipeline is now 3.7 GW, the statement said. JSW Energy has secured 3.4 GWh of energy storage capacity through battery energy storage systems and hydro pumped storage projects to fulfil its goal of 40 GWh of energy storage capacity by 2030.
Supply chain
To de-risk its supply chain, JSW Energy has entered into a technology licensing agreement with SANY Renewable Energy for the manufacture of 3.X MW wind turbine generators (WTGs), the press release said.
The company also said that it is set to commission milestone projects in energy storage and green hydrogen production including a 500 MW/1,000 MWh battery energy storage system (BESS) and India’s largest green hydrogen production plant for green steel production.
The green hydrogen plant has a 7-year supply agreement with JSW Steel Ltd and is expected to be commissioned by the fourth quarter of this fiscal (FY25).
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Published: 26 Jun 2024, 10:51 PM IST